Back to the list

XRP Soaring 17% Could Be a Precursor to a Bullish Breakout

source-logo  coinedition.com 03 December 2023 12:36, UTC

The cryptocurrency technical analyst Cryptoes predicted that the price of Ripple (XRP) could rise 17% in the next few days as an “insane” bullish setup has emerged on the altcoin’s chart. According to the X post published yesterday, XRP could enter into a 17% upside move before experiencing a strong bullish breakout as well.

This #XRP setup is so bullish its insane🔥 If this does not play-out I will be left speechless 🤐

17% upside just to get back to the pink resistance | And the breakout will not have even begun yet | Blue support holding for 3 weeks now $XRP pic.twitter.com/qqf7z7XNSw

— Cryptoes (@cryptoes_ta) December 2, 2023

The analyst’s bullish outlook comes after a support level on the remittance token’s chart has not been breached for 3 weeks. Meanwhile, the altcoin was able to print a slight 24-hour gain.

Data from the cryptocurrency market tracking website CoinMarketCap showed that XRP’s price had risen 0.86% throughout the past day of trading. As a result of this latest increase in price, XRP was trading hands at $0.6203 at press time. This daily gain was, however, not enough to flip XRP’s weekly performance, which remained in the red at -0.13%.

Daily chart for XRP/USDT (Source: TradingView)

Technical indicators on XRP’s daily chart suggested that its price may continue to rise in the next few days. Most notably, an ascending triangle has emerged on the cryptocurrency’s chart. In addition to this, both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators were also flagging bullish.

Buyers had gained the upper hand against sellers over the past 24 hours, as the RSI line crossed above the RSI Simple Moving Average (SMA) line during this period. Meanwhile, the MACD line was looking to cross above the MACD Signal line at press time. These two lines intersecting could indicate a continuation of XRP’s bullish trend.

If these technical flags are validated, the altcoin could flip the $0.6235 resistance level into support. Thereafter, a daily candle close above this barrier may lead to XRP rising to as high as $0.68 in the short term. On the other hand, a rejection from the $0.6235 resistance level could be followed by XRP dropping to the $0.5730 support level.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.